Steinway Musical Instruments -- the venerable maker of pianos and other classical-music instruments -- is celebrating its 160th anniversary this year and has given itself the gift of a new owner. The company has agreed to be acquired for approximately $512 million by the New York hedge fund Paulson & Co. The bid topped a $438-million offer in July from Kohlberg & Co, the New York private-equity outfit. Paulson has agreed to acquire Steinway for $40 per share -- its ticker symbol is "LVB" for Ludwig van Beethoven -- in a move that will take the company private. The announcement comes at a time of sluggish and waning sales for Steinway in the U.S., but strong...

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Steinway Musical Instruments -- the venerable maker of pianos and other classical-music instruments -- is celebrating its 160th anniversary this year and has given itself the gift of a new owner. The company has agreed to be acquired for approximately...